This is a terrible deal, agreed. They'll run out of money again in Q2-Q3. That's not time to fix a company as dysfunctional as this one.
It's also not a great look for a B2B company to be living hand-to-mouth in this fashion. Who would bother to negotiate a partnership with a company that's doing such a good impression of "going out of business in 2-3 quarters"?
An enjoyable irony here is Rodney Bishop taking part in the financing. You don't have to have seen too many annual reports to understand where he might have gotten the money to splash out on this risky bet...
It will be interesting to see their 1H balance sheet. They were already underwater by about $300K on net tangible assets at the yearly.
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This is a terrible deal, agreed. They'll run out of money again...
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